BackICICI Bank hikes bulk FD rates by 25 bps from 4th Oct. Check latest interest rates here
The interest rates are the same for both public and senior citizens and have come into effect from October 4, 2022. Last week, the bank hiked FD rates by also 25 basis points on deposits below ₹2 crore.
PremiumPrivate banker, ICICI Bank hikes interest rate by 25 basis points on bulk fixed deposits between ₹2 crore to ₹5 crore on a particular tenure of 61 days to 90 days. Also, the bank has revised rates on FDs from ₹5 crore to ₹500 crore and above. The interest rates are the same for both public and senior citizens and have come into effect from October 4, 2022. Last week, the bank hiked FD rates by also 25 basis points on deposits below ₹2 crore. The FD rates are increased in line with RBI's fourth repo rate cut for FY23 to 5.9%.
As per the latest update on the website, ICICI Bank offers a 5.25% rate on FDs between ₹2 crore to ₹5 crore on tenures of 61 days to 90 days. Earlier, the interest rate here stood at 5%. Hence, a 25 basis points hike has been given on this tenure.
Remaining all other interest rates have been kept unchanged for both general and senior citizens.
At present, ICICI Bank offers a 3.75% rate on 7 days to 29 days tenure, while the rate is set at 3.9% on 30 days to 45 days and 4.25% on 46 days to 60 days tenure.
Meanwhile, a depositor can earn up to a 5.5% interest rate on bulk FDs on tenures starting from 91 days to 184 days. Whereas the interest rate is 5.75% on tenures from 185 days to 270 days.
Furthermore, the bank offers a 6% rate on tenures from 271 days to less than 1 year. The highest interest rate is 6.25% on FDs maturing from 1 year to 10 years.
ICICI Bank's FDs have a minimum tenure of 7 days to a maximum of 10 years.
On its website, ICICI Bank said, "No FD Interest Rate would be payable if the depositor withdraws the entire FD amount within 7 days from the date of deposits. Subject to the minimum tenure of 7 days for Domestic and NRO FD Deposits."
These revised fixed deposit interest rates will be applicable for new ICICI Bank FDs and renewal of existing fixed deposits.
Also, the bank has revised interest rates on FDs from ₹5 crore to ₹500 crore and above. On FDs between ₹5 crore to less than ₹5.10 crore and ₹24.90 crore to less than ₹25 crore -- the bank offers interest rates ranging from 3.75% to 4.35%. On the remaining bulk FDs, the rates range from 3.75% to 6.25%. These rates are on FDs with premature withdrawal facility.
The interest rates are higher ranging from 3.75% to a maximum 6.9% on FDs without premature withdrawal facility on deposits from ₹2 crore to ₹500 crore and above.
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